Debit cards take money out of your checking account immediately.You can use your debit card at an automated teller machine, or ATM, to get money from your checking account. You also can get cash back when you use a debit card to buy something at a store.Ī “PIN” is a security code that belongs to you. PIN stands for personal identification number. A bank or credit union gives you a PIN when you get a debit card. You can change your PIN to a number you will remember. When you use your debit card, you need to enter your PIN on a keypad. This is one way the bank tries to stop dishonest people from using your debit card to get your money. Do not keep it in your wallet or on your card. When you open a checking account at a bank or credit union, you usually get a debit card.Ī debit card lets you spend money from your checking account without writing a check. You can use your debit card to buy things in a store.How do I know where I used my debit card? When you pay with a debit card, the money comes out of your checking account immediately. Your bank or credit union gives you a “statement” every month. where you paid with your debit card and how much you spent.where you used the ATM, how much you withdrew, and what fees you paid.who you wrote a check to and for how much.How is a debit card different from a credit card? Your statement can help you track your spending and create a budget. When you buy something with a credit card, you are borrowing money from the credit card company. The credit card company will send you a bill every month for the money you borrowed to buy things. When you use a debit card, you are using money in your checking account to buy things. You can get a debit card from the bank when you open a checking account.Money comes out of your checking account when you pay with a debit card.You don’t pay extra money in interest when you pay with a debit card.You can use a debit card at an ATM to get money from your checking account.
You do not build a credit history using a debit card.You apply for a credit card at a bank or store.You get a bill once a month for everything you buy with a credit card.You might pay extra money in interest if you don’t pay all of your credit card bill every month.You can use a credit card as a safer way to pay for things online.You can build a credit history using a credit card if you pay the whole bill every month when it is dueĬan I use my debit card to buy things online?.You might have a problem with something you buy online.īut debit cards are not a good way to pay when you shop online.Ĭredit cards are safer to use when you buy things online:.It is easier to get your money back if you use a credit card. Someone might steal your credit card number online.The law says you can lose only $50 if you report it right away.
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